
	For the Years Ended December 31,
(In millions)	2022		2021		2020
Operating expenses
Operating and maintenance	$	25	$	(9)	$	(2)
Operating and maintenance from affiliates	4		14		10
Other	2		2		2
Total operating expenses	31		7		10
Operating loss	(31)		(7)		(10)
Other income and (deductions)
Interest expense, net	(413)		(333)		(378)
Equity in earnings of investments	2,450		1,908		1,482
Interest income from affiliates, net	5		—		1
Other, net	22		—		15
Total other income	2,064		1,575		1,120
Income from continuing operations before income taxes	2,033		1,568		1,110
Income taxes	(21)		(48)		11
Net income from continuing operations after income taxes	2,054		1,616		1,099
Net income from discontinued operations after income taxes	116		90		864
Net income	$	2,170	$	1,706	$	1,963
Other comprehensive income (loss), net of income taxes
Pension and non-pension postretirement benefit plans:
Prior service benefit reclassified to periodic costs	$	(1)	$	(4)	$	(40)
Actuarial loss reclassified to periodic cost	42		223		190
Pension and non-pension postretirement benefit plan valuation adjustment	46		431		(357)
Unrealized gain (loss) on cash flow hedges	2		—		(1)
Other comprehensive income (loss)	89		650		(208)
Comprehensive income	$	2,259	$	2,356	$	1,755


	For the Years Ended December 31,
(In millions)	2022		2021		2020
Net cash flows provided by operating activities	$	1,690	$	3,629	$	3,018
Cash flows from investing activities
Changes in Exelon intercompany money pool	35		381		(477)
Notes receivable from affiliates	274		—		550

Investment in affiliates	(4,011)		(2,231)		(1,969)

Other investing activities	—		1		—
Net cash flows used in investing activities	(3,702)		(1,849)		(1,896)
Cash flows from financing activities
Changes in short-term borrowings	448		—		(136)
Proceeds from short-term borrowings with maturities greater than 90 days	1,150		500		—
Repayments on short-term borrowings with maturities greater than 90 days	(1,300)		(350)		—
Issuance of long-term debt	3,350		—		2,000
Retirement of long-term debt	(1,150)		(300)		(1,450)
Issuance of common stock	563		—		—

Dividends paid on common stock	(1,334)		(1,497)		(1,492)
Proceeds from employee stock plans	36		80		45
Other financing activities	(35)		19		(27)
Net cash flows provided by (used in) financing activities	1,728		(1,548)		(1,060)
(Decrease) increase in cash, restricted cash, and cash equivalents	(284)		232		62
Cash, restricted cash, and cash equivalents at beginning of period	295		63		1
Cash, restricted cash, and cash equivalents at end of period	$	11	$	295	$	63


	December 31,
(In millions)	2022		2021
ASSETS
Current assets
Cash and cash equivalents	$	11	$	295


Accounts receivable, net
Other accounts receivable	358		318
Accounts receivable from affiliates	17		35
Notes receivable from affiliates	182		217
Regulatory assets	154		266
Other	6		41
Total current assets	728		1,172
Property, plant, and equipment, net	44		45
Deferred debits and other assets
Regulatory assets	2,650		3,164
Investments in affiliates from continuing operations	35,925		29,563
Investments in affiliates from discontinued operations	—		12,333
Deferred income taxes	929		1,351
Non-pension postretirement benefit asset	187		—
Notes receivable from affiliates	—		319
Other	115		42
Total deferred debits and other assets	39,806		46,772
Total assets	$	40,578	$	47,989


	December 31,
(In millions)	2022		2021
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Short-term borrowings	$	948	$	650
Long-term debt due within one year	850		1,150
Accounts payable	188		—

Accrued expenses	101		47

Payables to affiliates	360		360
Regulatory liabilities	12		3
Pension obligations	77		49
Other	7		40
Total current liabilities	2,543		2,299
Long-term debt	8,742		6,265

Deferred credits and other liabilities
Regulatory liabilities	103		63
Pension obligations	3,896		4,416
Non-pension postretirement benefit obligations	—		87

Deferred income taxes	53		362
Other	497		104
Total deferred credits and other liabilities	4,549		5,032
Total liabilities	15,834		13,596
Commitments and contingencies
Shareholders’ equity
Common stock (No par value, 2,000 shares authorized, 994 shares and 979 shares outstanding as of December 31, 2022 and 2021, respectively)	20,908		20,324
Treasury stock, at cost (2 shares as of December 31, 2022 and 2021)	(123)		(123)
Retained earnings	4,597		16,942
Accumulated other comprehensive loss, net	(638)		(2,750)
Total shareholders’ equity	24,744		34,393

Total liabilities and shareholders’ equity	$	40,578	$	47,989

Exelon Corporate is a holding company that conducts substantially all of its business operations through its subsidiaries. These condensed financial statements and related footnotes have been prepared in accordance with Rule 12-04, Schedule I of Regulation S-X. These statements should be read in conjunction with the consolidated financial statements, and notes thereto, of Exelon Corporation.

As of December 31, 2022 and 2021, Exelon Corporate owned 100% of all of its significant subsidiaries, either directly or indirectly, except for Commonwealth Edison Company (ComEd), of which Exelon Corporate owns more than 99%. As of February 1, 2022, as a result of the completion of the separation, Exelon Corporate no longer retains any equity ownership interest in Generation or Constellation. The separation of Constellation, including Generation and its subsidiaries, meets the criteria for discontinued operations and as such, results of operations are presented as discontinued operations and have been excluded from continuing operations for all periods presented. Accounting rules require that certain BSC costs previously allocated to Generation be presented as part of Exelon’s continuing operations as these costs do not qualify as expenses of the discontinued operations. Comprehensive income and cash flows related to Generation have not been segregated and are included in the Condensed Statements of Operations and Comprehensive Income and Condensed Statements of Cash Flows, respectively, for all periods presented. See Note 2 — Discontinued Operations of the Combined Notes to Consolidated Financial Statements for additional information.

Exelon Corporate meets its short-term liquidity requirements primarily through the issuance of commercial paper. Exelon Corporate had $449 million in outstanding commercial paper borrowings as of December 31, 2022 and no outstanding commercial paper as of December 31, 2021.

On March 23, 2017, Exelon Corporate entered into a term loan agreement for $500 million. The loan agreement was renewed on March 14, 2022 and will expire on March 16, 2023. Pursuant to the loan agreement, loans made thereunder bear interest at a variable rate equal to SOFR plus 0.65% and all indebtedness thereunder is unsecured. The loan agreement is reflected in Exelon Corporation's Balance Sheets within Short-term borrowings.

In connection with the separation, on January 24, 2022, Exelon Corporate entered into a 364-day term loan agreement for $1.15 billion. The loan agreement was set to expire on January 23, 2023. Pursuant to the loan agreement, loans made thereunder bore interest at a variable rate equal to SOFR plus 0.75% until July 23, 2022 and a rate of SOFR plus 0.975% thereafter. All indebtedness pursuant to the loan agreement was unsecured. On August 11, 2022, Exelon Corporate made a partial repayment of $575 million on the term loan. The remaining $575 million outstanding balance was repaid on October 11, 2022 in conjunction with the $500 million 18-month term loan that was entered into on October 7, 2022.

As of December 31, 2022, Exelon Corporation had a $900 million aggregate bank commitment under its existing syndicated revolving facility in which $448 million was available to support additional commercial paper as of December 31, 2022. See Note 16 — Debt and Credit Agreements of the Combined Notes to Consolidated Financial Statements for additional information regarding Exelon Corporate’s credit agreement.

On February 1, 2022, Exelon Corporate entered into a new 5-year revolving credit facility with an aggregate bank commitment of $900 million at a variable interest rate of SOFR plus 1.275% which replaced its existing $600 million syndicated revolving credit facility.


						Maturity Date	December 31,
	Rates						2022		2021
Long-term debt
Junior subordinated notes				3.50	%	2022	$	—	$	1,150

Senior unsecured notes(a)	2.75	%	-	7.60	%	2025 - 2052	8,139		6,139
Loan agreement	4.95	%	-	5.15	%	2023 - 2024	1,350		—
Total long-term debt							9,489		7,289
Unamortized debt discount and premium, net							(10)		(10)
Unamortized debt issuance costs							(51)		(39)
Fair value adjustment							164		175
Long-term debt due within one year(b)							(850)		(1,150)
Long-term debt							$	8,742	$	6,265

(a)Senior unsecured notes included mirror debt that was held on Exelon Corporation's Balance Sheet in 2021. In connection with the separation, on January 31, 2022, Exelon Corporate received cash from Generation of $258 million to settle the intercompany loan. See Note 16 — Debt and Credit Agreements for additional information on the merger debt.

(b)In connection with the separation, Exelon Corporate entered into three 18-month term loan agreements. On January 21, 2022, two of the loan agreements were issued for $300 million each with an expiration date of July 21, 2023. On January 24, 2022, the third loan agreement was issued for $250 million with an expiration date of July 24, 2023. Pursuant to the loan agreement, loans made thereunder bear interest at a variable rate equal to SOFR plus 0.65%.


	For the Years Ended December 31,
(In millions)	2022		2021		2020
Operating and maintenance from affiliates:
BSC(a)	$	4	$	14	$	10

Total operating and maintenance from affiliates:	$	4	$	14	$	10
Interest income (expense) from affiliates, net:

BSC	$	4	$	—	$	1
EEDC(b)	1		—		—
Total interest income from affiliates, net:	$	5	$	—	$	1
Equity in earnings (losses) of investments:
BSC	$	(18)	$	(301)	$	(273)
EEDC(b)	2,482		2,215		1,729

PCI	(9)		(1)		—


Exelon InQB8R	(4)		(7)		(1)


Other	(1)		2		27
Total equity in earnings of investments:	$	2,450	$	1,908	$	1,482

Cash contributions received from affiliates	$	2,027	$	1,842	$	1,638


	As of December 31,
(in millions)	2022		2021
Accounts receivable from affiliates (current):
BSC(a)	$	3	$	4
Generation	—		13
ComEd	4		5
PECO	2		4
BGE	1		2
PHISCO	7		6
Exelon Enterprises	—		1

Total accounts receivable from affiliates (current):	$	17	$	35
Notes receivable from affiliates (current):
BSC(a)	$	138	$	210


PHI	44		7
Total notes receivable from affiliates (current):	$	182	$	217
Investments in affiliates from continuing operations:
BSC(a)	$	384	$	146
EEDC(b)	35,092		32,621
PCI	52		62
UII	365		365
Voluntary Employee Beneficiary Association trust	4		3
Exelon Enterprises	3		3
Conectiv	12		—
Exelon InQB8R	15		26
Other(d)	(2)		(3,663)
Total investments in affiliates from continuing operations:	$	35,925	$	29,563
Notes receivable from affiliates (noncurrent):
Generation(c)	$	—	$	319


Accounts payable to affiliates (current):

UII	$	360	$	360




Total accounts payable to affiliates (current):	$	360	$	360

(c)In connection with the debt obligations assumed by Exelon as part of the Constellation merger, Exelon and subsidiaries of Generation (former Constellation subsidiaries) entered into intercompany loan agreements that mirror the terms and amounts of the third-party debt obligations of Exelon, resulting in intercompany notes receivable at Exelon Corporate from Generation. In connection with the separation, on January 31, 2022, Exelon Corporate received cash from Generation of $258 million to settle the intercompany loan. See Schedule 1 - 2. Debit and Credit agreements for additional information on the merger debt.

(d)Primarily relates to elimination of affiliate transactions with Generation, primarily related to the Regulatory Agreement Units. See Note 3 — Regulatory Matters and Note 23 — Related Party Transactions of the Combined Notes to Consolidated Financial Statements for additional information.

In December 2022, Exelon Corporation made an unconditional promise to give $20 million to the Exelon Foundation. The contribution was recorded in Operating and maintenance expense within the Condensed Statements of Operations and Comprehensive Income with the offset in Accrued expenses and Other Deferred credits and other liabilities on the Condensed Balance Sheets.